China's entry into the WTO in 2001 set in motion economic shifts that paid off handsomely for other Asian economies. But Sonal Varma argues this dynamic is quickly changing.
Nomura's chief economist for the Asian region excluding Japan notes that China has begun to decline in importance as an export market for Asian economies as it imports less from them and from the world in general due to slowing domestic demand and shifting supply chains.
Asia's economies need to find ways to diversify their trading partners to make up for the loss of Chinese demand. But at the same time, the region also needs to come up with strategies to cope with a growing flood of Chinese exports headed its way as Beijing redirects its attentions away from increasingly restrictive Western markets.
China's entry into the WTO in 2001 set in motion economic shifts that paid off handsomely for other Asian economies. But Sonal Varma argues this dynamic is quickly changing.
Nomura's chief economist for the Asian region excluding Japan notes that China has begun to decline in importance as an export market for Asian economies as it imports less from them and from the world in general due to slowing domestic demand and shifting supply chains.
Asia's economies need to find ways to diversify their trading partners to make up for the loss of Chinese demand. But at the same time, the region also needs to come up with strategies to cope with a growing flood of Chinese exports headed its way as Beijing redirects its attentions away from increasingly restrictive Western markets.
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